What is the regret for (d2, s1)? s1 s2 d1 13 6 d2 10 -5 d3 8 7

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
icon
Related questions
icon
Concept explainers
Topic Video
Question
**Regret Calculation Example**

Let's analyze the following table to understand the concept of regret in decision making:

|    | s1 | s2  |
|----|----|-----|
| d1 | 13 |  6  |
| d2 | 10 | -5  |
| d3 |  8 |  7  |

**Question: What is the regret for (d2, s1)?**

To determine the regret for a specific decision in a given state, we compare the payoff for that decision with the best possible payoff for that state. 

### Steps to Calculate Regret:
1. **Identify the state (s1):**
    - The payoffs for s1 are: 13 (d1), 10 (d2), and 8 (d3).
   
2. **Determine the best payoff in state s1:**
    - The highest payoff in s1 is 13 (from d1).

3. **Calculate the regret for (d2, s1):**
    - Regret for (d2, s1) = Best payoff in s1 - Payoff for (d2, s1)
    - Regret for (d2, s1) = 13 - 10
    - Regret for (d2, s1) = 3

So, the regret for (d2, s1) is **3**.
Transcribed Image Text:**Regret Calculation Example** Let's analyze the following table to understand the concept of regret in decision making: | | s1 | s2 | |----|----|-----| | d1 | 13 | 6 | | d2 | 10 | -5 | | d3 | 8 | 7 | **Question: What is the regret for (d2, s1)?** To determine the regret for a specific decision in a given state, we compare the payoff for that decision with the best possible payoff for that state. ### Steps to Calculate Regret: 1. **Identify the state (s1):** - The payoffs for s1 are: 13 (d1), 10 (d2), and 8 (d3). 2. **Determine the best payoff in state s1:** - The highest payoff in s1 is 13 (from d1). 3. **Calculate the regret for (d2, s1):** - Regret for (d2, s1) = Best payoff in s1 - Payoff for (d2, s1) - Regret for (d2, s1) = 13 - 10 - Regret for (d2, s1) = 3 So, the regret for (d2, s1) is **3**.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Angles, Arcs, and Chords and Tangents
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman